Fri. Jul 1st, 2022

Alleged N11.79bn Fraud: Court Threatens Banks’ Executives With Jail Term

The Ajetunmobis, Who Allegedly Defrauded Investitors Of Over N11bn

Alleged N11.79bn Fraud: Court Threatens Banks’ Executives With Jail Term

Justice Toyin Oyekan-Abdullahi of a Lagos High Court, sitting at Osborne Ikoyi, has threatened some of the country’s banks’ Executives with jail term, for their failure to tell the court the truth in relation to an alleged N11. 795, 090, billion fraud suit brought against a former employee of Zenith Bank Plc, Bamise Samson Ajetunmobi and his wife, Elizabeth Anuoluwapo, by some investitors. 

Bamishe and his wife, Elizabeth alongside their firms, Imagine Global Holding Company Limited and Imagine Global Solutions Limited were dragged before the court by the investors for allegedly swindled the investitors of the sum of N11. 795 million

Justice Oyekan-Abdullahi at the last hearing of the suit on October 24, 2021, barred all banks in Nigeria from releasing funds up to N11, 795, 090 billion to the couple and their companies.
The judge had also ordered also the banks to, among others, file and serve on the Claimants/Applicants’ counsel, Adetunji Adedoyin-Adeniyi of AAA Chambers, within seven days of service of the order on them, an affidavit disclosing the balance on the defendants’ accounts.
Justice Oyekan-Abdullahi made the orders sequel a Motion on Notice for a Mareva Injunction filed by Adetunji Adedoyin-Adeniyi the Claimants /Applicants on October 15, 2021, in suit a suit numbered LD/579CM/2021.

At the resumed hearing of the matter today, Justice Oyekan-Abdulahi upon discovering ‘irregularities’ in some of the processes filed by the banks in relation to the alleged fraud, expressed displeasure with the Banks’ Exectives and threatened to send them to prison, if they failed to show to court the true and correct statement of accounts of the defendants with them.

The judge also warned that besides sanctioning any defaulting banks’ Executives, any lawyer that acts anything contrary to the order of court would also risk being sanctioned, because “the court will not allow the citizens of this country to keep weeping because of the absconding investors.”

The judge, who gave the warning, noted that some banks are yet to comply with the court’s October 24, 2021, orders that it granted in favour of the investors

According to the investitors’ motion, over N11,795,090 billion, is the outstanding investments and Return On Investments (ROI) accruing to them from the former Zenilth Bank Staff and his wife.

The judge’s allusion to abscondment was in reference to news reports that the Ajetunmobis had being granted the citizenship of Antigua and Barbuda, with the country’s Prime Minister Gaston Browne stating on October 20 that they would be captured if they entered the Carribean country.

The court heard that one of those affected by the conduct of the Ajetunmobis and their companies was Wema Bank Plc, which allegedly gave loan to Imagine Global in September, 2021, after accepting the defendants’ properties as collateral, as contained in the application filed by Wema Bank seeking to discharge the Order of court as an interested party.

Counsel to the investitors, Adedoyin-Adeniyi opposed the application on the ground that Wema Bank is equally a victim as much as the claimants, by virtue of the personal guarantees the Defendants executed in favour of the claimants as far back as January, 2020.

Furthermore, Babalakin & Co equally filed and application on behalf of a firm known as Mainstreet Capital Limited, which also invested in the defendants, as contained in an application filed through the law firm seeking to join as co-claimant in the suit.

Adedoyin-Adeniyi also opposed the application, arguing that many organisations which lacked courage to go after the couple due to the sensitive nature of the matter, now wanted to piggyback on the claimants who had approached the court for mareva orders.

Adedoyin-Adeniyi argued that the claimants should not be compelled to allow other parties to join the case, rather, anyone with grievances against the couple “should go and file his own case”.

Adedoyin equally alleged that N17 Billion had passed through Imagine Global’s account with Wema Bank between May, 2020 and May, 2021, and the Bank is yet to place before the court the detailed statement of account of Imagine Global Limited.

Justice Oyekan-Abdullahi has adjourned till November 11, 2021 for the banks to show cause in compliance with the order of court.

Part of the court’s orders includes barring the four defendants from accessing funds up to N11, 795, 090 billion in their accounts with the banks, pending the hearing and determination of a Motion on Notice for a Mareva Injunction.

The court also barred the banks in the interim, from dealing with all monies and/or whatsoever assets due to the defendants from any account maintained by the first to fourth defendants and also all accounts with BVN: 22168443525 (third Defendant) and BVN:22141952749 (fourth defendant), up to the N11, 795, 090 billion.

It further restrained the defendants from selling, transferring, assigning and/or dealing with the following properties: Apartment 7, Oakwood Residences, 23, Cooper Street, Ikoyi, Lagos and B4, Gate 3, Lafiaji Road, Victoria Crescent Estate, Olugborogon, Chevron, Lekki, Lagos or any other properties/assets of the first, second, third and fourth defendants that can be traced and located by claimants/applicants during the pendency of the suit